With the implementation of the new anti-money laundering (AML) regulations slated for the end of the year, work continues toward developing guidance documents to aid with compliance.
Representatives from the jewellery industry and the Financial Transactions Reports Analysis Centre of Canada (FINTRAC) met recently to review the agency’s current documents relating to issues such as suspicious transactions and identification.
While FINTRAC provided a one-page draft outline addressing key points for dealers of precious metals and stones (DPMS), the Canadian Jewellers Association (CJA) says it has requested a more extensive and user-friendly document specific to the jewellery industry. The meetings are a further example of the collaborative process over the last two years that has resulted in the creation of the new AML regulations.
“We’re very encouraged and happy that FINTRAC has taken on the same process as the Department of Finance in establishing a SWAT team of industry and government representatives to establish [compliance] guidelines,” said CJA president and CEO Ken Mulhall.
“We want to ensure this document is specific to the jewellery [sector]. Ultimately, we want to come up with a user-friendly tool that can be easily dropped into our industry.”
The AML regulations will take effect on Dec. 31.
